Situation
- Upon acquiring 2001 Timberloch, it was discovered there was deferred maintenance as a result of poor mechanical oversight and property management.
- Common areas and amenities were dated and in need of immediate attention, lacking marketability for The Woodlands township commercial market.
- Largest tenant comprising approximately two-thirds of the building signed a build-to-suit lease at a nearby Class A project, planning to vacate 2001 Timberloch upon lease expiration.
- Due diligence revealed multiple tenant concerns and complaints regarding the maintenance of the asset.